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The company Maurel & Prom (M&P) and its partners have reconfigured the ownership structure in the oil blocks of the Angolan basin. The entry of Sonangol into the transaction with Etu Energias has modified the acquisition percentages initially planned for Blocks 3/05 and 3/05A.
The new structure and participation in oil blocks
Following the exercise of rights by the state operator Sonangol, the investment scenario has taken a different course. The Maurel & Prom group formalized a new sale and purchase agreement (SPA) with Etu to secure a 3.33% stake in Block 3/05 and 3.66% in Block 3/05A. This move follows Sonangol’s decision to actively participate in the absorption of the interests Etu held in these fields.
Furthermore, the operation involves an initial payment of $15 million by M&P. The agreement includes contingent payment clauses that could reach an additional $7 million, depending directly on the evolution of crude oil prices and the operational performance of the wells.
The integration of these assets strengthens the presence of the companies involved in one of Angola’s highest-performing areas. With the closing of this transaction, the joint venture partners are redefining their controlling positions. In Block 3/05, Sonangol maintains operational leadership with 39.34%, while Afentra and M&P consolidate stakes of 33.33% and 23.33% respectively.
On the other hand, the distribution in Block 3/05A places M&P with a solid 30.33% of the economic interests. It is essential to note that the completion of this process remains subject to the relevant government approvals in Luanda. The consortium seeks to maximize reserve recovery in these mature blocks through production optimization strategies and the development of discoveries already identified on the continental shelf.
Source and photo: Maurel & Prom